Auction clearance rate holds above 50%

Property auctions increased over the weekend heading into the Easter slowdown, but they remain significantly below this time last year.

There were 2,268 homes taken to auction over the weekend in Australia’s capital cities, up from 1,976 over the previous week but well below the 3,990 taken to the auction the week before Easter 2018, CoreLogic said on Monday.

Still, that’s the second-highest number of auctions so far this year.

There was a preliminary auction clearance rate of 58.2 per cent, although that’s subject to revision.

The previous week saw a final clearance rate of 52.6 per cent, the fourth consecutive week it has held above 50 per cent.

“Auction market results continue to point to improving conditions with both clearance rates lifting and withdrawal rates normalising,” Westpac senior economist Matthew Hassan wrote in a research note.

Melbourne saw 939 homes take to auction, compared to 2,071 in the week before Easter 2018. The preliminary auction clearance was 54.9 per cent.

In Sydney, 927 homes were auctioned, with a 62.9 per cent clearance rate. The week prior to Easter 2018 saw 1,383 homes auctioned off.

Mr Hassan said the results suggest the Sydney market is stabilising and improvement in Melbourne as well.

By AAP

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